Crypto Insider: Bitcoin (BTC) Won’t Bottom Until $3,0008.69

Michael Moro, CEO of Genesis Trading, sat down with CNBC’s Squawk Box on Black Friday (November 23) to convey his opinions on the current status of the Bitcoin (BTC) and crypto asset market.

Providing investors with his insider expertise as the CEO of a Digital Currency Group subsidiary, Moro explained that Bitcoin’s most recent drawdown, which had its origins in late-December, has had no abatement, or in other words, has been relentless. He then drew attention to the $5,800-$5,900 level of support, which BTC previously held three times in the past year but broke last week. He added that while institutional investors have bought in on the OTC side, retail crypto investors put a substantial amount of selling pressure on this non-liquid market.